A lifeline for the whole housing market – comment

Following the Chancellor’s ‘Plan for jobs’ statement, Adam Oldfield, head of sales and account management at Phoebus Software, responding to the Chancellor’s economic statement, says: “The government has shown today that it is not prepared to wait until the budget, as had been predicted, to announce changes to stamp duty. By raising the threshold to £500,000 the Chancellor has given a lifeline to not only potential home movers and purchasers, but also to the whole of the housing market. The intention is to protect, support and create jobs and by effectively abolishing stamp duty for properties up to £500,000, even temporarily, it is clear that the government understands how important housing is to the UK’s overall economy. This is a vital boost for the market and one that needs to be capitalised upon, while it is available.”